The weak trend in the information and technology sector is reflected in the flat growth in advance tax remittance by most companies for the December quarter.

The bellwether, Tata Consultancy Services, which has already signalled a weak December quarter, tightened its payout to ₹1,400 crore (₹1,310 crore) while that of Tech Mahindra’s was up 12 per cent at ₹190 crore.

However, Oracle Financial Services cut its payment by 12 per cent at ₹150 crore, said a source in I-T department.

The steel sector, which suffered a huge setback in the December quarter last year, showed a mixed trend. Tata Steel reduced its contribution to the exchequer by 17 per cent to ₹500 crore (₹600 crore), even as JSW Steel hiked it by 80 per cent to ₹225 crore, albeit on a lower base.

Kotak Mahindra Bank, which acquired majority stake in the country’s largest commodity exchange MCX, paid ₹260 crore (₹190 crore). Union Bank and Yes Bank remitted higher tax of ₹351 crore (₹247 crore) and ₹300 crore (₹268 crore), respectively.

IDBI Bank paid marginally lower tax of ₹386 crore (₹396 crore).

It was a divergent trend among oil marketing companies with BPCL and HPCL paying higher tax of ₹310 crore (₹200 crore) and ₹105 crore (₹68 crore) while Indian Oil Corporation, which paid ₹332 crore last year, skipped payment this time around.

Coal fallout

The challenging times for the Aditya Birla Group companies with the Supreme Court cancelling coal mine allocation and fall in commodity prices was reflected in the tax remittance.

Grasim Industries and Aditya Birla Nuvo reduced tax payment by 11 per cent and 26 per cent to ₹22 crore and ₹54 crore, while that of UltraTech Cement and Hindalco Industries was up marginally at ₹175 crore (₹168 crore) and ₹100 crore (₹90 crore).

While Tata Power tax payout remained unchanged at last year’s level of ₹85 crore, Tata Chemicals shelled out about 87 per cent more at ₹84 crore.

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